Coronavirus could push Social Security to insolvency before 2030

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beagleboy
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Coronavirus could push Social Security to insolvency before 2030

#1

Post by beagleboy »

The article is wrong, under Obama the SS program had benefits whacked rather significantly and very quietly. When Biden gets in office he'll follow through on his cutting SS benefits even further so that'll be great.

https://www.politico.com/news/2020/05/1 ... 030-261207

Social Security could be insolvent by the end of this decade because of the coronavirus pandemic, according to some new estimates, creating new pressure for Congress to fix the troubled program after decades of inaction.

The last official government projection had the program running out of money by 2035. But some outside economists are looking at the trends and moving up the date when the program starts paying out more than it takes in: Tens of millions of workers are suddenly unemployed and not paying into the government account that funds benefits for retired workers. At the same time, a flood of older Americans who’ve lost jobs are expected to start drawing benefits as soon as they’re eligible.

It’s unclear whether the new timeline is enough to force lawmakers into finally acting given that it’s been almost four decades since they last shored up the Depression-era program — and solutions like raising taxes, cutting benefits, or raising the retirement age are politically difficult.

But the current crisis is accelerating the day when Congress can no longer avoid making tough choices about the program, which covers an estimated 178 million workers and provides monthly cash benefits to more than 64 million beneficiaries.

“There’s going to be a real reckoning,” said Rep. John Larson (D-Conn.), who chairs the House Ways and Means Social Security Subcommittee and has proposed raising both benefits and taxes. “This is going to get people's attention.”

Rep. Steve Womack, the ranking Republican on the House Budget Committee, likened the coming crunch to bailing “water from a sinking boat when you’ve got alligators nipping at you. And the alligators are Covid-19.”

“This is a train wreck that’s going to happen and you can see it coming,” said the Arkansas Republican.
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CHEEZY17
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Re: Coronavirus could push Social Security to insolvency before 2030

#2

Post by CHEEZY17 »

If only there was something that could target the really old folks who are already teetering on the edge. Kind of help speed up the process. Wait, what?
"When governments fear the people, there is liberty. When the people fear the government, there is tyranny."
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Animal
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Re: Coronavirus could push Social Security to insolvency before 2030

#3

Post by Animal »

fuck they have raised the age of retirement and lowered the amount you get until its almost stupid already. what the fuck else can they do to magically stretch out a system that doesn't work.

this is exactly why i cannot for the life of me, understand why people think putting the government in charge of anything is a good idea. If there has been one business model that has been proven not to work its to let the government run a program that involves money. let them handle national parks and roads and stuff.

they passed a 3 trillion dollar bill the other day to help with covid. did they address this problem? no, they decided to give democratically run states that are going bankrupt some bailout money so they can continue to misuse funds.
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